From: Financial Regulation News
BY DAVE KOVALESKI
The House Financial Institutions and Consumer Credit Subcommittee held a hearing to examine the impact on banks of the Financial Criminal Enforcement Network’s (FinCEN) recent rules regarding beneficial ownership and other matters.
FinCEN recently released frequently asked questions outlining the guidelines for beneficial ownership. It said financial institutions must collect information individuals who own 25 percent or more of the equity interests in the client company and the controlling owner.